The Economics of Buying a Fixer Upper and Renovate to Add Value
Design and innovation not only can add value to real estate when it comes time to resell, the value of an architect designed home goes beyond the number of bedrooms, washrooms on paper. Hiring an architect to renovate your own home instead of paying a premium to buy someone else's renovation not only adds value when you sell, you will also get the personal enjoyment out of living in it.
With Toronto's surging real estate prices, homebuyers are faced with a big price jump in the urban areas from semi-detached and row homes to detached homes. Semi-detached and row homes starts close to $700k and up, and detached homes are starting at over $1m in urban Toronto areas. If you desire to live in a detached home but want to keep your budget lean, the good news is that there are some wide semis and row homes out there that are often missed, and could offer many of the same benefits as living in a detached home for a modern day family.
This video will demonstrate the typical improvements that can be done to a semi-detached or a row home. The featured house renovation was designed by Moss Sund Architects. It touches on some of the common concerns that often prevents buyers from going after these types of properties, and what design solutions can be provided. Check out the before and after photos in the video!
The home was an existing 100 year old home from the turn of the century in urban Toronto's Leslieville neighbourhood. The interior was completely stripped and opened up, with a 2 storey addition in the back that was designed to suit a modern family. The scope includes re-positioning the stairs to let more light in, raising the height of the basement, opening up the main floor, providing more storage space and a modern bathroom, as well as a 2 storey extension at the back of the house to open the space out to the backyard. When it came time to resell, the home went for the highest price ever sold on the street. The homeowners couldn't be happier.
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